Shanghai copper temporarily consolidated, and the market still made a bullish judgment after the market

In terms of external trading, London copper opened at 5901 US dollars / ton, long and short competition during the Asian session, London copper around the daily moving average of 5890 US dollars / ton repeated consolidation test, in the afternoon in the black series of rally, rushed to 5912.
5 US dollars / ton, upward pierced the 40-day moving average, and then because the chairman of the German banking association said that he hoped that the ECB bond purchase program would be reduced by the end of this year, hoping to end the negative interest rate next year, the euro fell sharply, the dollar soared to 100.
75, copper prices fell back to $5880 / After rebounding around tons, as of 17:07, London copper was trading at $5903/tonne
.
Intraday copper around the daily moving average oscillation, 40-day moving average pressure is not obvious, the future market is still bullish, it is expected that copper prices around the daily moving average oscillation, the future market waiting for strong news stimulation before rushing higher
.

On the macro front, the number of ADP payrolls in the United States increased by 263,000 in March, far exceeding expectations of 185,000
.
Fed officials agreed at the March meeting that they could begin reducing their $4.
5 trillion balance sheet
later this year, according to the minutes of the Fed's March meeting.
From the perspective of a longer time period, the overall recovery of the US economy is good, and the previous interest rate hike has not made the dollar have a bright performance, and the dollar has been in the process of bullish exhaustion
.
In addition, the final composite PMI of the eurozone in March was 56.
4, close to a six-year high
.

In terms of the market, Shanghai copper rebounded sharply, speculators made profits and shipped, but because middlemen still actively absorbed low-priced flat water copper sources, flat water copper discount narrowed significantly, some good copper appeared a small premium quotation, but few market transactions, the overall supply of the market brand diversified, low-price source transactions are active, but near flat water level transactions are suppressed, the price difference between brands is further narrowed, some sections of Shanghai have a strict investigation of logistics and transportation, resulting in the surrounding warehouses being affected, and downstream on-demand receiving is the mainstay.
Most of the transactions are made by middlemen, and the intention of the holders to raise the water before the delivery is obvious
.
In the afternoon session, the market quotation was firm, flat water copper slightly narrowed to a discount of 60 yuan / ton - 40 yuan / ton of discount, premium copper maintained a discount of 40 yuan / ton - flat water quotation unchanged, the transaction price was 47520 yuan / ton - 47700 yuan / ton, still speculators dominated the market
.

In terms of industry, Japan's Pan Pacific Copper Corp.
said it plans to produce 235,000 tons of copper from April to September this year, down 19.
9%
from the same period last year.
Peru's Ministry of Energy and Mines said that Peru will gradually increase copper production to reach 3.
1 million tons by 2021, and the current annual output is estimated to be 2.
35 million tons
this year and next.
Peru surpassed China last year to become the world's second-largest copper producer, thanks to higher production from Las Bambas and Cerro Verde
.

On the whole, considering that the supply and demand side of the copper market has indeed improved, coupled with the arrival of the traditional consumption season, the performance of copper prices in the peak season is still optimistic, and trading is still mainly looking for good buying opportunities
.
The March non-farm payrolls data will be released on Friday, pending further guidance
on the news.